Rational Philanthropy and Cultural Capital
This paper develops a theory of rational philanthropyin forming ``cultural capital'' and aestheticpreferences. The study maintains that changes incapital market opportunities provide investmentmotives for private and public giving. Theseimplications are examined in a Vector Autoregressive(VAR) model of funding in the arts and humanities inthe United States for the period 1966 to 1997. Theresults suggest private philanthropy increased inresponse to both lower real returns on capital marketassets and cuts in public funding. On the other hand,public funding for the endowments is not explained byany of the variables in the model, including its pasthistory. Copyright Kluwer Academic Publishers 2000
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- Boskin, Michael J., 1976. "Estate taxation and charitable bequests," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 27-56.
- David Throsby, 2003.
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- Becker, Gary S & Grossman, Michael & Murphy, Kevin M, 1991.
"Rational Addiction and the Effect of Price on Consumption,"
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- Gary S.Grossman Becker & Michael Murphy & Kevin M., 1991. "Rational Addiction and the Effect of Price on Consumption," University of Chicago - George G. Stigler Center for Study of Economy and State 68, Chicago - Center for Study of Economy and State.
- J. Schuster, 1999. "The Other Side of the Subsidized Muse: Indirect Aid Revisited," Journal of Cultural Economics, Springer, vol. 23(1), pages 51-70, March.
- Auten, Gerald E. & Cilke, James M. & Randolph, William C., 1992. "The Effects of Tax Reform on Charitable Contributions," National Tax Journal, National Tax Association, vol. 45(3), pages 267-90, September.
- Guido Cozzi, 1998. "Culture as a Bubble," Journal of Political Economy, University of Chicago Press, vol. 106(2), pages 376-394, April.
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